Once again Reebok boss Sammy Lee kept his interest in the player under the radar of the media and the arrival of the Icelandic international comes completely out of the blue.
The 29-year-old scored 12 times for the Cottagers in 57 appearances following a £1.3million transfer from Watford in 2005 and Lee is delighted with his latest capture.
"I like Helguson a lot," Bolton boss Lee told the club's official website. "He has a great work ethic and understands the demands of the Premier League.
"He has good ability and adds quality to our squad in a key area, which will be vital next season. I have always been an admirer of his attitude to the game and his ability to score goals at vital times."